Tax and Superannuation Laws Amendment (2014 Measures No. 4) Act 2014 (110 of 2014)

Schedule 4   Tax receipts

Taxation Administration Act 1953

2   After Part 2-10 in Schedule 1

Insert:

Part 2-15 - Returns and assessments

Division 70 - Tax receipts

Table of Subdivisions

Guide to Division 70

70-A Tax receipts

Guide to Division 70

70-1 What this Division is about

The Commissioner must provide you with a tax receipt for an income year if you are an individual taxpayer and the total tax assessed to you for the income year is $100 or more (or such other amount as determined by the Commissioner from time to time).

The tax receipt must include information about how the total tax assessed to you for the income year is notionally used to finance different categories of Commonwealth government expenditure.

The tax receipt must also include information about the total amount of Commonwealth government debt, for the current and previous financial years, and the expected total amount of interest to be paid on that debt during the current financial year.

Subdivision 70-A - Tax receipts

Table of sections

70-5 Tax receipt to be provided to certain individual taxpayers

70-5 Tax receipt to be provided to certain individual taxpayers

(1) The Commissioner must give you a *tax receipt in respect of an income year if:

(a) the Commissioner is required to give you a notice of assessment in respect of the income year and has not previously given you a notice in respect of the income year; and

(b) you are an individual; and

(c) the amount of income tax you owe (as worked out under step 4 of subsection 4-10(3) of the Income Tax Assessment Act 1997) for the *financial year that corresponds to the income year is equal to or greater than:

(i) if subparagraph (ii) does not apply - $100; or

(ii) if the Commissioner has made a determination under subsection (2) - the amount specified in the determination; and

(d) the notice is given to you within the period of 18 months after the end of the income year.

(2) The Commissioner may, by legislative instrument, make a determination that specifies an amount for the purposes of subparagraph (1)(c)(ii).

(3) The *tax receipt must include the following information:

(a) your name;

(b) the amount mentioned in paragraph (1)(c);

(c) how the amount mentioned in paragraph (1)(c) is notionally used to finance different categories of Commonwealth government expenditure (other than expenditure that relates to amounts collected under the *GST law that are paid to the States and Territories);

(d) an estimate of the total face value of Commonwealth stock and securities on issue at the end of the previous *financial year;

(e) an estimate of the expected total face value of Commonwealth stock and securities on issue at the end of the financial year;

(f) the expected total interest to be paid during the financial year in respect of the Commonwealth stock and securities referred to in paragraph (e).

Note: The allocation of how the total tax assessed to you is spent is a notional calculation and may not represent how the tax assessed to you is actually spent.

(4) For the purposes of determining the amounts in paragraphs (2)(d) to (f), the Commissioner must use the information in the budget economic and fiscal outlook report prepared for the purpose of section 10 of the Charter of Budget Honesty Act 1998 in respect of the *financial year referred to in paragraph (1)(c).

(5) For the purposes of determining the form of the information to be included in the *tax receipt, the Commissioner must seek the advice of the Minister and take that advice into account.

(6) The Commissioner must give you the *tax receipt as soon as practicable.